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Economy 2019-10-15T04:44:34+03:00
Ukrainian news
NBU Retains Discount Rate At 18%

NBU Retains Discount Rate At 18%

NBU, discount rate, inflation

The National Bank of Ukraine has retained the discount rate at the level of 18%.

The Ukrainian central bank announced this in a statement, Ukrainian News Agency reports.

In September 2018, consumer inflation was 8.9% year over year, exceeding both the upper limit of the target range (6.5% ± 2 percentage points by the end of the third quarter) and the July forecast of the National Bank (8.3%).

A moderate decrease in inflation compared with previous months was due to a slowdown in food prices.

This was facilitated by the expansion of the supply of domestic and imported food products, as well as the decline in world food prices.

At the same time, the fundamental inflationary pressure remains substantial.

This is evidenced by the still high value of core inflation (8.7% in annual terms in September), which exceeds the National Bank's July forecast.

In particular: prices are under pressure from the persistence of significant domestic demand and a further increase in production costs, including labor costs; the weakening of the hryvnia-US dollar exchange rate in July-August affected the value of certain goods, primarily imported ones; the rapid increase in world oil prices over the past months has been reflected in fuel prices and has led to an additional contribution to the increase in the cost of other goods and services.

As Ukrainian News Agency earlier reported, since March 4, 2015, the NBU raised its discount rate from 19.5% to 30%.

Then, the NBU repeatedly retain the discount rate at 30%.

On August 28, 2015, the NBU reduced the discount rate to 27%, and on September 25, 2015 - to 22%.

Since April 22, 2016, the National Bank has reduced the discount rate from 22% to 19%, on May 27, 2016 - from 19% to 18%, on June 24 - from 18% to 16.5%.

On July 29, 2016, the NBU reduced its discount rate from 16.5% to 15.5%, from September 16, 2016 - from 15.5% to 15%.

On October 28, 2016, NBU reduced discount rate from 15% to 14%, and in December 2016 and January 2017 - retained at 14%, in April 2017 - reduced to 13%, in May 2017 - reduced to 12.5% in October - increased to 13.5%, in December 2017 - to 14.5%, in January - to 16%, in March 2018 - to 17%, in July 2018 - to 17.5%, in September 2018 - to 18%.

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